As a financial advisor, it’s important to have a solid business development strategy in place. However, it can be challenging to know which vendors to work with to execute your plan effectively. In this video, Brandon Stukey highlights the problems that advisors can encounter when they look to vendors for guidance on strategy.
While vendors are necessary for implementing a specific strategy, the real problem comes when advisors don’t have a well-defined strategy in place themselves. This can lead to advisors relying too heavily on vendors for guidance, which can result in them being sold products or services that aren’t necessarily appropriate for their needs.
So, how can you avoid this problem? Stukey suggests starting by developing a written business development strategy that incorporates short-term, mid-term, and long-term goals. This way, you can be sure that you’re focusing on the right tactics and vendors to help you achieve those goals.
It’s important to remember that vendors will always sell you what they provide, regardless of whether it’s what you actually need. So, before you start talking to vendors, make sure you have a clear understanding of your strategy and the types of vendors and services you actually need.
Overall, vendors can be an essential part of executing your business development strategy, but it’s crucial to have a solid plan in place first. By focusing on your strategy and finding the right vendors to help you execute it, you’ll be well on your way to achieving your business development goals.